Coziron pivots to gold with 8m @ 10 g/t in Pilbara
Coziron Resources looks to be onto a gold mineralised system from its first pass drill program at the company’s Croydon project in the Pilbara as it vectors in on the higher grades at the project. One 8m intercept went 10.2g/t gold and 11 of the 13 drill holes were mineralised. Intercepts were clustered around the Top Camp prospect where gold anomalies were recorded from earlier soil and auger samples.
The 8m intercept that requires immediate follow up included a smaller 1m section grading 66.1g/t gold from 135m down-hole. Another encouraging intercept at Top Camp was a 1m section grading 7.7g/t gold within a broader, 7m intersection grading 1.4 g/t from 58m. A further hole to the South-East produced the broadest intercept to-date at 19m grading 0.69 g/t gold from 51m.
Whilst a number of the lower grade holes were showing sub 1-gram dirt, the entire mineralised system looks to be over an area that is about 600m x 400m so far with most of it lining up with surface traces of gold. Although some of the recorded grades were at the low end of the range, many of the 13 holes drilled showed multiple mineralised zones with some of them only metres apart.
This is only the maiden drill program for Coziron at Croydon and the company says that the nature of the multiple intercepts underlying the broad area of surface gold anomalism indicates the potential for a large gold system and it is now planning to set about vectoring in on the high-grade targets.
The Croydon Project is located within a broad area containing a growing inventory of emerging gold deposits in the north of the Pilbara region, just 50-150km south of Port Hedland. One of the largest deposits in the region is the Withnell mining centre owned by De Grey Mining, just 30km to the north east of Coziron’s prospects.
De Grey boasts a combined resource of almost 1.7Moz of gold across its two mining centres, Withnell and Wingina mining centres, with Withnell hosting the lions share at 1.1Moz gold. De Grey said that the total resource was spread between five deposits with both open pit and underground mining operations are planned for the future.
Yesterday De Grey put out an announcement with some stunning numbers from the newly discovered Hemi prospect. One drill hole booked 24m at 7.5g/t gold from 126m, including 18m at 8.6g/t and another hole logged 49m at 3.7g/t gold from 65m, including 18m at 6.6g/t.
All of which augers well for Coziron as it appears to have hit another gold deposit in this lucrative region. The company is now planning to fast track further RC and diamond drilling at the project to better define this emerging prospect.
Coziron Chairman, Adam Sierakowski said: “The high-grade intersection in CRC007 at the heart of the Company’s maiden drill program is considered by the board to be extremely encouraging. The abundance of intercepts underlying the broad area of surface gold anomalism indicate the potential for a large gold system that includes anomalism extending into the adjacent Middle Camp and Bottom Camp prospects that are hosted by similar geology.”
Coziron recently reported ongoing exploration on its Shepherds Wells and Buddadoo gold prospects too in the west Pilbara. The company is also progressing a metallurgical testing program at its Yarraloola iron ore prospect, also in the west Pilbara.
Coziron is clearly building momentum across its portfolio of prospects in the Pilbara as it drills ahead towards a possible significant gold resource at Top Camp.
The 8m at 10g/t hit stands out like a beacon to a hardened West Perth mineral explorer and clearly needs following up – and quickly.
Is your ASX listed company doing something interesting ? Contact : firstname.lastname@example.org
Coziron Resources (CZR)
Closing price for the last 90 trading days
Powered by Morningstar ®